Fintech Platform Airwallex Secures $100M in E2 Series Financing

Fintech platform Airwallex on October 11 announced that it has recently closed E2 Series financing, garnering $100 million from existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent. Hostplus, an Australian industry superannuation fund, as well as a leading North American pension fund also participated in this round.

Since its establishment in Melbourne, Australia in 2015, Airwallex has built a digital cross-border payment and financial infrastructure to help companies accept payments, move money globally, and simplify their financial operations, all on a single platform. After the latest financing, Airwallex’s total funding amount increased to more than $900 million, with the same $5.5 billion valuation.

At first, Airwallex focused on providing cross-border payment solutions for high-growth startups and e-commerce platforms such as JD.com. Today, Airwallex’s business model is developing into SaaS. Under this model, many corporate customers pay a flat monthly fee to access platform services, rather than having to pay separate fees and deposits for each cross-border transaction.

The Melbourne-founded company accelerated its international expansion in 2021, successfully extending its reach across Europe, North America and the Asia-Pacific, serving three of the largest domestic e-commerce markets in the world: China, the United States and the United Kingdom. It is planning to expand into the Middle Eastern market and will soon enter South America as well.

Airwallex has continued to see its customer base more than double, with revenue increasing by 184% year-on-year. Its annualized revenue is expected to triple to nearly $300 million by the end of 2022.

Airwallex announced in July the launch of its Airwallex Online Payments App on e-commerce platform Shopify. This app is a payment gateway plugin that merchants can integrate with their online store to accept payments from global customers. This new app is offered through Airwallex’s payment acceptance solution that covers a wide range of payment methods, including Visa, MasterCard and UnionPay bank cards, and over 30 other local payment methods such as GrabPay in Southeast Asia, WeChat Pay in the Asia-Pacific, and Bancontact and Sofort in Europe.

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Multiple new products and services are also being planned for 2023, including improvements to its expense management platform and a credit solution, as the company continues to invest in product innovation on top of market expansion and talent acquisition.